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20121129
20121207
Search Results 0 to 9 of about 10 (some duplicates have been removed)
the fiscal cliff. >> if you read though, the boehner proposal carefully, no tax rate increases, which we know is a nonstarter for the president. so where does that leave us? john avlon is here to help us read through the lines of the deal, also crunch some of those numbers. first, we're talking about the $800 billion figure. that's in the letter that john boehner wrote to the president. break that down for us. >> that's right. there is no numbers breaking that down. it's a where's the beef question. bumper sticker, we have the numbers but no details. boehner's aides will say that's where the negotiations come in. the devil's in the details. they'll say look, to achieve these revenue increases by closing deductions and loopholes. in the letter boehner sent, he says they may be able to lower some rates based on comments made by erskine bowles. >> i think for folks especially we're left to wonder. some analysis shows it's possible. >> i think for folks especially the middle class, they're trying to figure out the math. those deductions and loopholes, do they actually dig into the middle class? >
's just silly now. you've got to be for a tax rate increase or we will go over this fiscal cliff. >> no, you don't. you could raise from a carbon tax of $20 a ton, which will deal with, we are having the biggest record carbon levels. you could raise -- at 4% a year over the next ten year, twice as much as you could from allowing the bush tax rates to lapse. why the income tax system is overburdened in the united states. we use it too much. we should be looking at other taxes. we can't do it in 29 days. why are we doing it in 29 days? >> but the president ran on raises taxes, right? if you look at the polls. 60% of people support raising taxes on people who make over $250,000 a year. how much of a problem is it, david, if the republicans you know, tom coburn said he does not want to raise that tax number. >> the president ran on his first term on opposing a health care mandate. presidents change their minds. the idea that you would do a revenue measure with an eye to basically doing something punitive, when there are much more important policy goals you can achieve and when it's not goin
left to make a deal before the country hits what's called the fiscal cliff. that's a combination of across the board tax increases for everyone, coupled with cuts in spending like defense, education, health care, and housing assistance. let's go live to our chief white house correspondent jessica yellin with the very latest. jessica? >> reporter: president obama has now personally turned down speaker boehner's opening offer to avert the fiscal cliff. he did it in a tv interview. what does president obama think of speaker boehner's proposal to avert the fiscal cliff? >> unfortunately, the speaker's proposal right now is still out of balance. he talks about $800 billion worth of revenues but says he's going to do that by lowering rates. when you look at the math, it doesn't work. >> reporter: he won't agree to eliminate a tax deduction for contributions to charity. >> every hospital and university and nonfor profit agency across the country would find themselves on the verge of collapse. so that's not a realistic option. >> reporter: but the president didn't say all this to speaker
tax rates on the rich to avo avoid the fiscal cliff. erin burnett's been looking into that. she's going in depth on that tonight. what have you found out? >> it seems more and more likely that we're going to end up in a situation where we get a pretty awful deal if we get a deal. there's not going to be a grand bargain, which is a big failure, but are there going to be republicans who are willing to make serious corp. mizs. tom mcclint ok's going to be our guest. we're going put the hard questions to him tonight, plus, wolf, you remember amy copeland, the young woman who went on the bungee jump and got the stitches and had to go back because of the flesh eating bacteria? >> what happened? >> well, she survived and she is our special guest tonight. she was honored with a woman of the year award and her story is pretty incredible. she talks about what she still struggles to do, whether there are still moments in the middle of the night where she feels life isn't fair. >> i'll look forward to that, to the whole show at the top of the hour. thanks very much. >> still ahead, robbing
fall off the fiscal cliff, dividends will be taxed at ordinary income rates so your rate on your investments is going to go up depending on your tax bracket, that means 15%, 28%, 31%, 36% or 39.6%. so the rate on your investment income could be more than double what it is right now for middle and high income earners. other companies that have paid out their dividends early, walmart, costco, dillard's -- >> so they are preparing for this? >> oh, yes. they're getting the money out early so their investors don't pay higher taxes on it. >> what is the one thing we need to know about our money today? >> ho, ho, ho, december has been the best month for stocks over the past 30 years. december has been the santa claus rally they call it. when investors square their portfolios, they close out their positions, could the fiscal cliff talks in washington kill santa claus? another reason to be mad at your policymakers. december should be a good month. it historically is. >> all right, thank you. 27 minutes past the hour. every time you send a text message it could soon be recorded. it could a
republicans are not going to have to vote for them to go up. we'll go off the fiscal cliff, down the fiscal slope. yes i think it will happen because it is the one way republicans can, without violating the pledge, and offending the grand inquisitor grover norquist, it's the one way they can let this happen. >> and, in fact, you know, what could happen, you can imagine a scenario where you go off the cliff on taxes, rates go up for everybody, you then vote to restore the rates for the vast majority of taxpayers, 98%, and further it is even conceivable you negotiate down the top rates in the level under bill clinton a little bit by putting in the pot offsetting deductions for credits which would allow republicans to claim some sort of victory as well. that could be a scenario where you have a consensus on the tax run. >> let's run all of this by representative xavier becerra of california. he's joining us now. nice to see you, sir 367 appreciate your time. what is really the white house dismiss kind of out of hand i mean i don't have the exact number of minutes that they had this republican
without the tax rates going back up. >> nobody wants to go over the cliff. that's why the day after the election i tried to speed this process up by making the concession to put revenues on the table. and it is unfortunate that the white house spent three weeks doing basically nothing. >> now, the republican counterproposal that we just heard about still includes those bush era tax cuts staying in place for everybody, which president obama has called a nonstarter. so what if we raised taxes a little bit? still be much lower than what americans paid just a generation ago. in 1980, the wealthiest americans paid a marginal tax rate of 70% of their income to uncle sam. now, tax reform under president reagan reduced that rate to 50% and in 1981, and closer to current levels in 1986. today, president obama wants to let the bush era tax cuts expire for wealthy americans only, taking up their marginal federal tax rate from 36% to 39.6%. we're talking about a 3.6 percentage point uptick for households making more than $250,000 a year, only on every dollar they make above the $250,000 amount.
this afternoon with brand-new republican offers to try to save the $2.2 trillion and avoid the so-called fiscal cliff. the across-the-board spending cuts and sharp tax increases that hit in just 29 days. let's get straight to our senior congressional correspondent dana bash. she's watching what's going on. dana, the tax rates, first of all, let's get to a major sticking point right now. there's been a counterproposal from house republicans to the white house. you have details. >> reporter: that's right. let's start exactly where you just began on those tax rates because that has become the big divide between the two sides. the answer is the house republicans are not budging. they still want to continue the bush era tax rates at all income levels. let's get specific. first of all, the counterproposal, they say they would get about $800 billion in savings from what they call tax reform, from deductions and closing loopholes, things like that. but the bush era tax rates, all of them would remain, even for the wealthiest. to show you the difference, compared to the white house offer that they got l
Search Results 0 to 9 of about 10 (some duplicates have been removed)